results suggest a potential downside of using household credit as stimulus in emerging markets …

previous economic downturns in other countries, the Brazilian recession was preceded by a substantial increase in household … debt from 2003 to 2014. This study utilizes a novel individual level data set on household borrowing in order to provide … details of the household debt boom. The data set allows for a decomposition of the rise in household debt by the type of debt …

household net worth coming from elevated household debt and the collapse in house prices play an underappreciated role. Using … highlight the increasing body of macroeconomic evidence on the link between household debt and business cycles. Our main … conclusion is that housing and household debt should play a larger role in models exploring the importance of household …